Get Al Waiver Of Probate Of Will & Codicil - Montgomery County 2017-2025

Non Probate Assets Those assets pass to the other person immediately upon your death. If you have assets with beneficiaries designated on them such as life insurance, annuities or retirement accounts the asset goes to the beneficiary directly and bypasses probate.

Generally, Wills must be filed for probate in the county where the deceased lived. WHEN MUST A WILL BE FILED FOR PROBATE? To be effective, a Will must be filed for probate within five years of the date of the testator's death.

Generally speaking, assets not accounted for by the estate plan include the following: Pension plans. Savings bonds. Living trust assets. 401 (k) accounts. Savings accounts (in select circumstances)

Non-probate assets are assets owned jointly with others or have some type of post-death designation in place. Examples of non-probate assets are: jointly-owned property (car, home, bank accounts, etc.), 401(k)s, life insurance, Transfer on Death accounts, and life estate properties.

Most states have a “small estates” rule that allows you to avoid probate entirely, as long as the estate value doesn't pass a certain threshold. In Alabama, if an estate doesn't have any real property and the value doesn't exceed $25,000, after waiting 30 days, you can use what's known as a summary probate procedure.

Examples of probate assets include real estate owned only by the decedent, bank accounts in the name of the decedent, and life insurance policies that fail to name a beneficiary or are payable to the estate. If the decedent owned any of these assets, Alabama probate will probably be required.

General Requirements . To be valid, a Will must be in writing. It must be signed, dated, and witnessed ing to all the formal requirements of execution in Code of Alabama §43-8-131.